We have advised LetterOne Technology on its investment in the rollout of a £1 billion full fibre network (FTTH) to 1 million premises in eastern England by Upp, a new broadband infrastructure firm.
In LetterOne Technology's first investment in the British broadband market, and in response to growing demand due to sustained remote working, the new network will bridge the digital divide by providing competitively priced full fibre to the communities in eastern England which are currently underserved.
The multi-year business plan, which is aiming to level up market towns and coastal areas across Norfolk and Lincolnshire, will create 600 permanent jobs and provide opportunities for the next generation by establishing a local academy developing digital skills.
Commenting on the deal, Partner James Goold, said: "With the past year showing just how essential digital infrastructure is, LetterOne Technology is further demonstrating its commitment to delivering on society's changing needs. We share its focus on believing in digital technologies to drive growth and we look forward to watching its growth spurred on by this latest investment."
Sally Pryce, General Counsel of LetterOne Technology added: "The Taylor Wessing team provided technical and highly commercial and practical advice, and were essential to concluding this investment in a timely manner and establishing the Upp platform for future growth."
The team was led by Private Equity Partner James Goold, with support from Senior Associate Nick Karangizi, Associate Sarah Wallace, and Trainee Alex Walker.
Additional advice was provided by Employment Partner Sean Nesbitt and Senior Associate James Watkins, Tax & Incentives Partners Liz Wilson and Anna Humphrey, Commercial Technology & Data Consulting Partner Angus Finnegan, and Competition Partner Paolo Palmigiano.